Prior quarter comes in at -113.5B vs prior estimate of -$116.8B

The US current account balance came in at a deficit of -123.1B vs an estimate of -116.0B. The prior quarter (1Q) came in at -113.5B vs -116.8B.

  • The current account deficit is equal to 2.6% of GDP vs 2.4% in Q1

The $9.6 billion increase in the current-account deficit reflected a

  • $7.5 billion increase in the deficit on secondary income,
  • $2.9 billion decrease in the surplus on primary income, and a
  • $0.8 billion increase in the deficit on goods.
  • These changes were partly offset by a $1.6 billion increase in the surplus on services.
  • Exports of goods and services and income receipts increased $2.2 billion in the second quarter to $836.8 billion.
  • Imports of goods and services and income payments increased $11.8 billion to $959.9 billion.
  • Net U.S. acquisition of financial assets excluding financial derivatives increased $24.6 billion in the second quarter to $350.7 billion.
  • Net U.S. incurrence of liabilities excluding financial derivatives increased $55.2 billion to $472.5 billion.
  • Transactions in financial derivatives other than reserves reflected second-quarter net lending of $9.3 billion, a shift from first-quarter net borrowing of $2.3 billion.